NuVasive Inc. (NSDQ:NUVA) today released preliminary full year 2016 and 4th quarter earnings, with posted revenue topping estimates from The Street and sending shares upwards.
The company said it expects to post Q4 revenue of $265 million, well above The Street’s estimate of $261.3 million. For the full year 2016, NuVasive said it expects to post revenue of $956 million, topping expectations of $952 million.
The numbers include 17.9% year-over-year growth, according to the San Diego, Calif.-based company.
“We are pleased to deliver stronger than expected preliminary results for 2016, demonstrating strength across all geographies, and are excited about our outlook for 2017. We remain committed to our longer-term financial performance goals and strategic initiatives that are expected to drive the Company’s revenue growth and operating margin expansion targets, while continuing to transform healthcare with game-changing technologies,” CEO Gregory Lucier said in a press release.
NuVasive also released guidance for the upcoming year, expecting to bring in $1.1 billion, which would show 11.4% growth for the year.
The news has lifted NUVA shares in trading today, closing up 2.1% at $68.52.
Last month, NuVasive said it won approval from the Japanese Ministry of Health, Labor & Welfare for the return of instruments used in its eXtreme lateral interbody fusion procedure to the market in Japan.
NuVasive said instruments and components used in lateral access procedures are Class III devices in Japan, despite the fact that it’s XLIF dilator was originally approved in 2011 as a Class II device (additional sizes were approved in Japan in 2014, the company said). Surgeons there, who halted XLIF procedures while NuVasive sought a reclassification, will be able to resume during the 1st quarter next year, NuVasive said.
